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Opus Bank Completes $509MM Securitization of Its Multifamily Loans

December 27, 2016, 08:01 AM
Filed Under: Industry News

Opus Bank (“Opus”) announced that it completed on December 23, 2016 the securitization of approximately $509 million of its multifamily loans through a Freddie Mac sponsored “Q-deal” securitization. One class of Freddie Mac guaranteed Structured Pass-Through Certificates was issued through the securitization. The Structured Pass-Through Certificate that was issued was purchased by Opus. Opus will act as the subservicer of the loans.

Stephen H. Gordon, Chairman, CEO & President of Opus Bank, stated, “I am proud of the team here at Opus who completed a novel transaction that reduces Opus’ commercial real estate concentration, lowers its risk weighted assets, increases its total risk-based capital ratio, lowers its loan-to-deposit ratio and improves its liquidity.” Gordon added, “We believe the execution of this securitization strategy enhances our flexibility and optionality as Opus continues its focus on providing financing for low-to-moderate income, affordable, workforce housing in the major metropolitan markets up and down the West Coast.” Gordon concluded, “We’re pleased that, as subservicer, Opus will continue to provide great service to its important multifamily client relationships who rely on Opus for their financing solutions.”

Jason Raefski, SVP, Head of Balance Sheet Strategies and Execution, commented, “I am extremely excited about our relationship with Freddie Mac. The design and development of this securitization strategy was a result of great teamwork and tremendous effort by all parties involved. We are pleased to have, together, created a new unique product for the market.”

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